MIRA
INFORM REPORT
|
Report Date : |
08.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
UNI-PRESIDENT VIETNAMN COMPANY LTD |
|
|
|
|
Registered Office : |
16 –
18 Road DT 743, Song Than Industrial Park 2, Di An Dist, Binh Duong Province |
|
|
|
|
Country : |
Vietnam
|
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
1999 |
|
|
|
|
Legal Form : |
Foreign
Invested Company |
|
|
|
|
Line of Business : |
The subject is specializing in the business
fields: animal feed, aqua feed, wheat flour, instant noodle and beverage. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Status : |
Satisfactory
|
|
|
|
|
Payment Behaviour : |
Usually
Correct |
|
|
|
|
Litigation : |
Clear |
|
SUBJECT
IDENTIFICATION & LEGAL FORM |
||||||||
|
|
||||||||
|
English Name |
|
UNI-PRESIDENT
VIETNAMN COMPANY LTD |
||||||
|
Vietnamese name |
|
CONG
TY TNHH UNI-PRESIDENT VIETNAM |
||||||
|
Abbreviated Name |
|
UPVN
CO., LTD |
||||||
|
Founded |
|
1999 |
||||||
|
Type of Business |
|
100%
foreign invested company |
||||||
|
Investment License |
|
2113/GPDC8 |
||||||
|
Issued on |
|
February
6th, 1999 |
||||||
|
Issued by |
|
Ministry
of Planning and Investment |
||||||
|
Investment duration |
|
47
years |
||||||
|
Start operation |
|
January
1st, 2000 |
||||||
|
Current investment capital |
|
220,000,000
USD |
||||||
|
Original Investment capital |
|
143,454,773
USD |
||||||
|
Legal Capital |
|
68,000,000
USD |
||||||
|
Tax code |
|
3700306630 |
||||||
|
Total Employees |
|
1,750
employees |
||||||
|
Qualification |
|
Quite
Good |
||||||
|
Note: The subject’s investment capital has just
been increased up to USD 220 millions in 2006. This is the third adjustment. |
||||||||
|
|
||||||||
|
|
||||||||
|
ADDRESSES |
||||||||
|
Head
Office/Factory |
||||||||
|
Address |
|
16 –
18 Road DT 743, Song Than Industrial Park 2, Di An Dist, Binh Duong Province |
||||||
|
Country |
|
Vietnam |
||||||
|
Tel |
|
(84-650)
790811 |
||||||
|
Fax |
|
(84-650)
790810 |
||||||
|
Email |
|
|||||||
|
Note: The subject has
just put into operation one more aquatic feed company since June 2006 with
total 250 employees. |
||||||||
|
|
||||||||
|
New Factory |
||||||||
|
Address |
|
90/5,
Provincial Road 864, Binh Tao Hamlet, Trung An Commune, Chau Thanh Dist, Tien
Giang Province. |
||||||
|
Country |
|
Vietnam |
||||||
|
Tel |
|
(84-73)
953 003 |
||||||
|
Fax |
|
(84-73)
953 005 |
||||||
|
Director
|
|
Mr.
LIN ZHEN LONG |
||||||
|
|
||||||||
|
Houses of the
Directors and Staffs |
||||||||
|
Address |
|
No. 6
Doc Lap Road, Song Than Industrial Park 1, Di An Dist, Binh Duong Province |
||||||
|
Country |
|
Vietnam |
||||||
|
Tel |
|
(84-650)
790362 |
||||||
|
|
||||||||
|
Branch in Hochiminh City |
||||||||
|
Address |
|
198
A7-A8, Hoang Van Thu St, Ward 9, Phu Nhuan Dist, Hochiminh City |
||||||
|
Country |
|
Vietnam |
||||||
|
Tel |
|
(84-8)
9975526 |
||||||
|
Fax |
|
(84-8)
9975525 |
||||||
|
Branch
Manager |
|
Mr.
CHANG SHAO LY (Vietnamese: TRUONG THIEU LAP) |
||||||
|
|
||||||||
|
Branch in Can Tho |
||||||||
|
Address |
|
110D/2
Cach Mang Thang Tam St, Cai Khe Ward, Can Tho city |
||||||
|
Country |
|
Vietnam |
||||||
|
Tel |
|
(84-71)
762370 |
||||||
|
Fax |
|
(84-71)
762371 |
||||||
|
|
||||||||
|
Branch in Nha Trang |
||||||||
|
Address |
|
5A
Thai Nguyen Str, Nha Trang City, Khanh Hoa Province |
||||||
|
Country |
|
Vietnam |
||||||
|
Tel |
|
(84-58)
811336 |
||||||
|
Fax |
|
(84-58)
812126 |
||||||
|
|
||||||||
|
|
||||||||
|
DIRECTORS |
||||||||
|
|
||||||||
|
1.
NAME |
|
Mr.
LIN CHANG SENG |
||||||
|
Position |
|
Chairman |
||||||
|
Nationality |
|
Taiwanese |
||||||
|
|
||||||||
|
2.
NAME |
|
Mr.
CHENG WEN CHIN |
||||||
|
Position |
|
General
Director |
||||||
|
Qualification
|
|
Management
|
||||||
|
Nationality |
|
Taiwanese |
||||||
|
|
||||||||
|
3.
NAME |
|
Mr.
HUANG TZU MING (Vietnamese: HOANG TU MINH) |
||||||
|
Position |
|
Deputy General Director |
||||||
|
Qualification
|
|
Management |
||||||
|
Nationality |
|
Taiwanese |
||||||
|
|
||||||||
|
4.
NAME |
|
Mr. CHOU SZU TUAN (Vietnamese: CHAU TU DOAN) |
||||||
|
Position |
|
Former
Deputy General Director |
||||||
|
Qualification
|
|
Management
|
||||||
|
Nationality |
|
Taiwanese |
||||||
|
Note: Mr. Chou Szu Tuan came back to Taiwan for a
couple of months. |
||||||||
|
|
||||||||
|
5.
NAME |
|
Mr.
CHAU KY KHANH |
||||||
|
Position |
|
Marketing
Manager |
||||||
|
Qualification
|
|
Management |
||||||
|
Nationality |
|
Vietnamese |
||||||
|
Hand
Phone |
|
+84
908 432 249 |
||||||
|
|
||||||||
|
6 NAME |
|
Ms.
TIEU MY PHUNG |
||||||
|
Position |
|
Accountant
|
||||||
|
Qualification
|
|
Bachelor
|
||||||
|
Nationality |
|
Vietnamese
|
||||||
|
|
||||||||
|
|
||||||||
|
BUSINESS NATURE AND
ACTIVITIES |
||||||||
|
The subject is specializing in the business
fields: animal feed, aqua feed, wheat flour, instant noodle and beverage. |
||||||||
|
|
||||||||
|
|
||||||||
|
IMPORT & EXPORT
ACTIVITIES |
||||||||
|
|
||||||||
|
IMPORT:
The subject imports materials from Chile, Peru, Indonesia, Malaysia, and
China. |
||||||||
|
EXPORT:
The subject exports its products to US, Germany, Australia, Japan,
Philippines, Singapore, Malaysia and China. |
||||||||
|
|
||||||||
|
|
||||||||
|
BANKERS |
||||||||
|
|
||||||||
|
1. ANZ
BANK |
||||||||
|
Address |
|
11 Me
Linh Square, Ben Nghe Ward, Dist 1, Hochiminh city, Vietnam |
||||||
|
Country
|
|
Vietnam
|
||||||
|
Tel |
|
(84-8)
8299319 |
||||||
|
Fax |
|
(84-8)
8299316 |
||||||
|
|
||||||||
|
2. HONGKONG SHANGHAI BANK CORPORATION (HSBC) |
||||||||
|
Address |
|
235
Dong Khoi St, Dist 1, Hochiminh city, Vietnam |
||||||
|
Country
|
|
Vietnam
|
||||||
|
Telephone |
|
(84-8)
829 2288 |
||||||
|
Fax |
|
(84-8)
823 0530 |
||||||
|
Swift |
|
HSBCVNVX |
||||||
|
Director |
|
Mr.
ANDI GENT |
||||||
|
|
||||||||
|
3.
DEUTSCHE BANK |
||||||||
|
Address |
|
65 Le
Loi St, Ben Nghe Ward, Dist 1, Hochiminh city, Vietnam |
||||||
|
Country
|
|
Vietnam
|
||||||
|
Tel |
|
(84-8)
8222667 |
||||||
|
Fax |
|
(84-8)
8293865 |
||||||
|
|
||||||||
|
4.
VIETNAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT |
||||||||
|
Address |
|
6A,
Independent Boulevard, Song Than Industry Zone, Di An Dist, Binh Duong
Province |
||||||
|
Country
|
|
Vietnam
|
||||||
|
Fax |
|
(84-650)
790298 |
||||||
|
Telex |
|
(84-650)
790299 |
||||||
|
Swift |
|
VBAAVNVX |
||||||
|
|
||||||||
|
5. CHINFON BANK - HOCHIMINH CITY BRANCH |
||||||||
|
Address |
|
27 Tu
Xuong St, Ward 7, Dist 3, Hochiminh city, Vietnam |
||||||
|
Tel |
|
(84-8)
932 5888 |
||||||
|
Fax |
|
(84-8)
932 6431 |
||||||
|
Email |
|
|||||||
|
Website
|
|
|||||||
|
|
||||||||
|
|
||||||||
|
SHAREHOLDERS |
||||||||
|
|
||||||||
|
The subject is a Foreign invested company. Its
investor is as follows: |
||||||||
|
Name |
|
UNI PRESIDENT SOUTHEAST ASIA
HOLDINGS LIMITED |
||||||
|
Country |
|
Cayman
Islands |
||||||
|
Shares |
|
100
percent |
||||||
|
|
||||||||
|
|
||||||||
|
PAYMENT HISTORY AND
EXPERIENCES |
||||||||
|
|
||||||||
|
Trade
Morality |
|
Quite
good |
||||||
|
Liquidity |
|
Fairly
prompt |
||||||
|
Previous
Payments status |
|
Fairly
prompt |
||||||
|
Current
Payment status |
|
Quite
good |
||||||
|
Past
Financial Situation |
|
Above
average |
||||||
|
Current
Financial Situation |
|
Fairly
prompt |
||||||
|
Legal
Action |
|
No
recorded |
||||||
|
Bankruptcy |
|
No
recorded |
||||||
|
Reputation |
|
Well
known |
||||||
|
|
||||||||
|
|
||||||||
|
FINANCIAL DATA |
||||||||
|
|
||||||||
|
BALANCE SHEET |
||||||||
|
Unit: 1,000,000 VND |
||||||||
|
Balance Sheet Date |
31/12/05 |
31/12/04 |
31/12/03 |
31/12/02 |
||||
|
Number
of Weeks |
52 |
52 |
52 |
52 |
||||
|
ASSETS |
||||||||
|
A.
Current assets & Short term Investment |
531,425 |
343,196 |
302,388 |
183,440 |
||||
|
I.
Cash and cash equivalents |
191,377 |
109,094 |
38,866 |
51,017 |
||||
|
II. Short term investment |
10,000 |
0 |
544 |
372 |
||||
|
1. Short-term securities investment |
10,000 |
0 |
544 |
0 |
||||
|
2. Other short-term investment |
0 |
0 |
0 |
372 |
||||
|
3. Provision for devaluation of short-term
investment |
0 |
0 |
0 |
0 |
||||
|
III. Receivables |
72,379 |
47,175 |
44,072 |
30,445 |
||||
|
1. Receivables from customers |
66,782 |
44,039 |
36,662 |
26,838 |
||||
|
2. Prepaid for providers |
2,536 |
0 |
0 |
0 |
||||
|
3. Value-added tax deducted |
0 |
0 |
0 |
3,733 |
||||
|
4. Internal receivables |
2,186 |
0 |
0 |
0 |
||||
|
5. Other receivables |
4,360 |
4,925 |
8,056 |
189 |
||||
|
6. Provision for bad receivables |
-3,485 |
-1,789 |
-646 |
-315 |
||||
|
IV. Inventory |
240,080 |
183,648 |
218,133 |
99,518 |
||||
|
V. Other current assets |
17,589 |
3,279 |
773 |
2,088 |
||||
|
1. Advances |
0 |
0 |
773 |
2,083 |
||||
|
2. Prepaid expenses |
8,814 |
1,862 |
0 |
0 |
||||
|
3. Pending expenses for transfer |
0 |
0 |
0 |
0 |
||||
|
4. Pending assets |
0 |
0 |
0 |
0 |
||||
|
5. Hypothecation, collateral and short run
collateral |
8,775 |
1,417 |
0 |
5 |
||||
|
VI. Administrative |
0 |
0 |
0 |
0 |
||||
|
1. Administrative expenses for previous
year |
0 |
0 |
0 |
0 |
||||
|
2. Administrative expenses for current year |
0 |
0 |
0 |
0 |
||||
|
B.
Fixed assets & Long term investment: |
528,818 |
461,496 |
411,281 |
353,659 |
||||
|
I. Fixed
assets |
425,444 |
402,591 |
384,586 |
230,418 |
||||
|
1.
Tangible fixed assets |
425,331 |
402,092 |
383,950 |
230,418 |
||||
|
+ Original cost |
569,849 |
499,439 |
440,433 |
258,276 |
||||
|
+ Accumulated depreciation value |
-144,518 |
-97,347 |
-56,483 |
-27,858 |
||||
|
2. Fixed assets of financing credit |
0 |
0 |
0 |
0 |
||||
|
+ Original cost |
0 |
0 |
0 |
0 |
||||
|
+ Accumulated depreciation value |
0 |
0 |
0 |
0 |
||||
|
3.
Intangible fixed assets |
113 |
499 |
636 |
0 |
||||
|
+ Original cost |
133 |
686 |
0 |
0 |
||||
|
+ Accumulated depreciation value |
-20 |
-187 |
0 |
0 |
||||
|
II. Long term investment |
0 |
0 |
0 |
0 |
||||
|
1.
Long-term securities investment |
0 |
0 |
0 |
0 |
||||
|
2.
Joint-venture capital contribution |
0 |
0 |
0 |
0 |
||||
|
3.
Other long-term investment |
0 |
0 |
0 |
0 |
||||
|
4.
Provision for long-term investment devaluation |
0 |
0 |
0 |
0 |
||||
|
III. Capital construction in process |
63,321 |
24,900 |
26,695 |
84,535 |
||||
|
IV. Other |
40,053 |
34,005 |
0 |
38,706 |
||||
|
TOTAL
ASSETS |
1,060,243 |
804,692 |
713,669 |
537,099 |
||||
|
LIABILITIES |
||||||||
|
A.
Payables: |
480,805 |
357,444 |
314,841 |
149,844 |
||||
|
I. Short term payables |
463,204 |
336,547 |
307,963 |
131,256 |
||||
|
1.Short-term
borrowings |
367,073 |
284,419 |
260,203 |
86,032 |
||||
|
2. Due
long-term liabilities |
0 |
0 |
0 |
0 |
||||
|
3.
Payable to seller |
60,414 |
42,400 |
27,160 |
41,222 |
||||
|
4.
Prepaid buyer |
1,000 |
0 |
0 |
0 |
||||
|
5.
Taxes and accounts dutiable |
5,737 |
4,350 |
1,373 |
1,081 |
||||
|
6.
Employee payments |
4,698 |
4,229 |
0 |
2,283 |
||||
|
7.
Internal payments |
0 |
0 |
19,227 |
0 |
||||
|
8.
Other payables |
24,282 |
1,149 |
0 |
638 |
||||
|
II. Long term payables |
0 |
854 |
721 |
0 |
||||
|
1.
Long-term borrowing |
0 |
0 |
0 |
0 |
||||
|
2.
Long-term loans |
0 |
854 |
721 |
0 |
||||
|
III. Other liabilities |
17,601 |
20,043 |
6,157 |
18,588 |
||||
|
1.
Disbursement payable |
17,601 |
20,043 |
0 |
11,957 |
||||
|
2.
Pending assets |
0 |
0 |
0 |
210 |
||||
|
3.
Receipts long-term collateral and deposit |
0 |
0 |
6,157 |
6,421 |
||||
|
B.
Owner’s Equity |
579,438 |
447,248 |
398,828 |
387,255 |
||||
|
I. Capital and Funds |
579,438 |
447,248 |
398,828 |
387,255 |
||||
|
1.
Working capital |
515,034 |
451,557 |
451,557 |
451,557 |
||||
|
2.
Differences from assets revaluation |
0 |
0 |
0 |
0 |
||||
|
3.
Exchange rate differences |
0 |
0 |
0 |
0 |
||||
|
4.
Business development fund |
0 |
0 |
0 |
0 |
||||
|
5.
Reserved fund |
0 |
0 |
0 |
0 |
||||
|
6.
Retained profit |
64,404 |
-4,309 |
-52,729 |
-64,302 |
||||
|
7.
Construction capital sources |
0 |
0 |
0 |
0 |
||||
|
II. Other administrative and fund sources |
0 |
0 |
0 |
0 |
||||
|
1.
Provident funds for unemployment |
0 |
0 |
0 |
0 |
||||
|
2.
Welfare and reward funds |
0 |
0 |
0 |
0 |
||||
|
3.
Management funds of higher level |
0 |
0 |
0 |
0 |
||||
|
4.
Functional operation funds |
0 |
0 |
0 |
0 |
||||
|
5.
Fund sources formed by fixed assets |
0 |
0 |
0 |
0 |
||||
|
TOTAL
LIABILITY AND EQUITY |
1,060,243 |
804,692 |
713,669 |
537,099 |
||||
|
|
||||||||
|
|
||||||||
|
PROFIT & LOSE
ACCOUNTS |
||||
|
|
||||
|
Description |
F/Y 2005 |
F/Y 2004 |
F/Y 2003 |
F/Y 2002 |
|
Total
revenue |
1,695,628 |
1,299,228 |
826,065 |
453,856 |
|
Deductions
Items |
50,272 |
41,340 |
0 |
13,232 |
|
-
Discount |
50,272 |
0 |
0 |
0 |
|
-
Devaluation of sale price |
0 |
0 |
0 |
12,381 |
|
-
Return of sold goods |
0 |
41,340 |
0 |
851 |
|
-
Turnover tax, excise tax, import and export duties to be paid |
0 |
0 |
0 |
0 |
|
1. Net
revenue |
1,645,356 |
1,257,888 |
826,065 |
440,624 |
|
2.
Original rate of goods for sale |
1,443,454 |
1,123,026 |
747,381 |
415,467 |
|
3.
Combined Profit |
201,902 |
134,862 |
78,684 |
25,157 |
|
4.
Sales costs |
82,911 |
62,178 |
39,971 |
38,355 |
|
5.
Enterprise administrative costs |
45,294 |
27,290 |
22,399 |
31,840 |
|
6. Net income from business activity |
73,697 |
45,394 |
16,314 |
-45,038 |
|
Income
from financial activities |
5,345 |
5,068 |
2,066 |
1,745 |
|
Costs
for financial activities |
17,175 |
9,486 |
3,060 |
3,266 |
|
7. Net
income from financial operation |
-11,830 |
-4,418 |
-994 |
-1,521 |
|
Irregular
income |
5,822 |
7,443 |
0 |
3,651 |
|
Irregular
expenditure |
0 |
0 |
3,747 |
2,611 |
|
8.
Irregular Profit |
5,822 |
7,443 |
-3,747 |
1,040 |
|
9. Total pre-tax profit |
67,689 |
48,419 |
11,573 |
-45,519 |
|
10.
Income tax |
0 |
0 |
0 |
0 |
|
11.
After tax profit |
67,689 |
48,419 |
11,573 |
-45,519 |
|
|
||||
|
|
||||
|
FINANCIAL FACTORS |
||||
|
|
||||
|
Description |
2005 |
2004 |
2003 |
2002 |
|
Current
Liquidity Ratio |
1.15 |
1.02 |
0,98 |
1,39 |
|
Quick
Liquidity Ration |
0.63 |
0.47 |
0,27 |
0,63 |
|
Inventory
circle |
6.01 |
12.23 |
3,42 |
4,17 |
|
Average
Receivable term |
16.06 |
13.69 |
19,47 |
25,21 |
|
Utilizing
Asset Performance |
1.55 |
1.56 |
0,86 |
0,82 |
|
Liabilities
/ Total Asset (%) |
45.35 |
44.42 |
44,11 |
27,89 |
|
Liabilities
/ Owner’s Equity (%) |
82.98 |
79.92 |
78,94 |
38,69 |
|
Pre-tax Profit / Net revenue (%) NPM |
6.38 |
3.85 |
1,40 |
-10,02 |
|
Pre-tax
Profit / Total Asset (%) ROA |
11.68 |
6.02 |
1,62 |
-8,47 |
|
Pre-tax
Profit / Owner’s Equity (%) ROE |
3.99 |
10.83 |
2,90 |
-11,75 |
|
Gross
Profit / Total Revenue (%) GPM |
11.9 |
10.38 |
9.5 |
5.54 |
|
|
||||
|
|
||||
|
INTERPRETATION ON
THE SCORES |
||||
|
Uni-President Vietnam Co., ltd is a 100% Taiwanese invested
company, which belongs to Uni-President Enterprises Corporation.
The subject was established in 1999 and officially went into operation on
January 1st 2000. The branch in Hanoi was stopped operation two
months ago. The
subject’s parent company is a big enterprise. The subject has been taken many
advantages and strong support from its parent company. As a result, the
subject has a firm base to develop stably in competitive market nowadays. The
main products of the subject include animal food, instant noodles and wheat
flour. Recently, the subject also focuses on beverages. The subject’s instant
noodles with brand name “UNIF” are quite popular in Vietnam. The
facility, which took a year to build, covers five hectares, 1.5 times bigger
than its similar plant in Song Than IP in the Southern of Binh Duong
province, where the company has three factories in all. Cheng
Wen Chin, General Director of the subject, said that the new factory would be
able to produce 100,000 tons of fish feed for phase one and obtain annual
revenue of some USD 30 million. Early 2005, the subject’s turnover was VND 10
millions, up 30 % year on year. The
subject has just put into operation in June 2006 a USD 25.4-million fish feed
factory in the Mekong Delta province of Tien Giang. After 2 months operating,
the subject was accomplished tax obligation of more than 2 billions VND which
the output under maximum capacity 960 million tons/year. Products
of the subject are consumed in local market and exported to foreign countries
including United State, Germany, Australia, Japan, Philippines, Singapore,
Malaysia and China. The
subject is considered as a relatively strong company and one of the companies
with largest foreign investment capital in Vietnam. In
December 2003, the subject was reported because it’s polluted waste from
their factory, which extremely affects to environment. Binh Duong IP
Management Board forced the subject to improve this problem. Premises
and facilities of the subject are good. The subject is situated in industrial
park with plenty of advantages in manufacturing. The
subject has good human resources working quite effectively. Its activities
are busy now. Now,
financial status of the subject is fairly good. The subject has gained good
market share and the position in the industry of the subject is fairly good. In the
future, the subject will invest a more factory of cooking oil processing and
a factory of cold drink. The group wants to complete general business plant
in Vietnam. In overview, the development prospect of the subject is bright
and its competitive capability is quite good. The subject has capacity to
meet financial commitments. No caution needed for business transactions with
the subject. |
||||
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|